Sold your home for a profit, and someone forgot to tell you that it can take 3 months for you to get the cash?
Bridging Finance is the key to gaining access to your profit quickly.
It's appalling that it takes so long to do a little paperwork and transfer your old house over to the new owner, but as we all know, there's always a backlog and they're always playing catch-up. And the banks don't pay out the money until the registration has gone through.
Selling your house and using the profit to pay the deposit on your new home sounds easy, doesn't it? Not so! You may have to wait a few months before you can buy that new home. What a catch 22 situation! Frustrated? Well, there is a solution to the problem, and that is to get Bridging Finance.
Bridging Finance essentially is a short term arrangement between you and a financial institution which specialises in Bridging Finance. This allows you to gain access to your money.
CapX Finance is one of South Africa's leading Bridging Finance companies, operating throughout the country. Communication with clients are by telephone, fax and e-mail. You don't have to go to their offices. If CapX Finance can't help you, they may be able to refer you to another financial institution which can assist you.
The process works as follows:
- Apply for Bridging Finance South Africa online
- An application form will be mailed to you, so make sure your email is filled in correctly.
- You will need to fill in the form with the assistance of your lawyer, or you may telephone CapX so that they can take you through the application form.
- Fax the completed form to CapX on 021 979 1996.
Once your request for Bridging Finance has been approved, one of our dedicated client advisors will contact you. Your money should be in your account a few hours after the completed form has been received.
The costs involved are:
- R 1.40 per R 1,000.00 advanced for each day.
Other things Bridging Finance can be used for in South Africa :
- Paying for outstanding Rates & Taxes
- Advances on 2nd and 3rd Mortgage Bonds
- Estate Agency commisions
Please Note: Bridging Finance can only be arranged for up to 80% of the surplus money available and Capx Finance can only supply Bridging Finance in South Africa.
To work out your surplus, you take the selling price of your house, deduct your current outstanding bond amount and any legal fees and other costs like the estate agent's commission. This will leave you with your surplus.
| Price for your house: | R400 000 |
| Minus your outstanding bond: | R300 000 |
| Minus the costs*: | R 20 000 |
| This leaves you with a surplus of : | R 80 000 |
| Maximum amount for a Bridging Finance advance (80%) : | R 64 000 |
* The costs include things like: Bond registration, Rates and Taxes, and Estate Agent Commissions. CapX Finance will then be willing to advance you 80% of the surplus, so you can get Bridging Finance up to a maximum of R64,000. You don't have to take the maximum Bridging Finance, you can also take a smaller amount.
To get the ball rolling, just click to apply for Bridging Finance in South Africa, fill in the form, and you're on your way to gaining quick access to your money. For more information about Capx Finance, click here.
Regards,
The Bridging Finance Team